The market is well poised to see further upside in the days and weeks ahead and so does ETH price
ETH price and the cryptocurrency market have been able to recover almost all the losses they suffered in the past two days. At press time, ETH is hovering around $ 232. This volatility is primarily driven by Bitcoin when BTC dropped to as low as $ 8,900 and returned to $ 9,600.
ETH/USD 4 hours chart | Source: Tradingview
The price action of ETH price seems to confirm the existence of a very high up channel
Ethereum appears to be well-positioned to see further price increases in the near term, as this latest rally has allowed it to regain its previous trading range in the range of $ 230 to $ 250. Price action This recently seems to have confirmed that Ethereum is being guided higher by an ascending channel.
Source: Mohit Sorout
According to cryptocurrency analyst Mohit Sorout, based on a chart below, it looks like this channel could allow ETH to surpass resistance at around $ 250.
Ethereum’s cloud formation seems to indicate that the cryptocurrency is bound to target $ 200 in parallel with Bitcoin falling to $ 8,500. Although a strong rebound is seen overnight, these goals are still playing and need to be carefully considered.
Source: Josh Olszewicz
Analyst Josh Olszewicz was explaining that higher highs are less probable than a retrace or a mean reversion.
He stated:
“BTC and ETH Cloud pretty clear on targets here. 8.5, and 200. Another way to think of this: HH less probable than retrace/mean reversion.”
The first six members of Codefi’s staking pilot for Ethereum 2.0 have been announced
Like Bitcoin Halving, Ethereum 2.0 is also a hope for ETH holders. And especially, when six high-end cryptocurrency startups decided to participate in an Ethereum 2.0 staking pilot project run by Codefi, many were even more bullish. More information, Codefi is a new product suite for commercial applications of decentralized finance (DeFi). It is administered by Ethereum-focused incubator, ConsenSys.
With Ethereum 2.0 around the corner, we are excited to be participating in the Codefi Staking Pilot Program by @Consensys https://t.co/OS4pzTP4Y1
— Crypto.com (@cryptocom) June 16, 2020
The six companies include cryptocurrency exchanges Binance and Crypto.com, digital investment fund DARMA Capital, Huobi Wallet, digital assets management platform, Matrixport, and custodial wallet provider Trustology.
Six companies will get early access to the Codefi Ethereum 2.0 betting solution. They can provide feedback and feature requests about the project’s new betting API, before the first phase of Ethereum 2.0 launches later this year.
You can also check Ethereum Price here.
Read more:
- Vitalik Buterin: Blackmail Is Behind ETH $ 5.0M Transaction Fees
- Vitalik Buterin Said That He Disagrees With Bitcoin Stock-To-Flow